menu
Sign up

What Is the Significance of a Contract Being a "Best

Question 131
Multiple Choice

What is the significance of a contract being a "best efforts" contract? A) Such contracts do not meet the consideration requirement, because one party does not have an absolute effort to perform. B) There is really no significance, because the parties to any contract are obligated to use their best efforts in performing. C) A promise to use best efforts does meet the consideration requirement, because the duty to use best efforts is a sufficient duty. D) These are contracts where one party agrees to buy all that the other produces, but they do not meet the consideration requirements because the other party might produce nothing. E) Such contracts meet the consideration requirement because they are considered implied-in-fact contracts.

Related questions
Q 132
How can the concept of unforeseen difficulties affect whether a contract meets the consideration requirements? A) Unforeseen difficulties can allow a promise of illegal consideration to meet the consideration requirements. B) Unforeseen difficulties can convert an illusory promise to a valid binding promise. C) Unforeseen difficulties can result in past consideration meeting the consideration requirements. D) Unforeseen difficulties can result in a contractor's promise to complete an existing contract being supported by new consideration rather than being considered a preexisting duty. E) Unforeseen difficulties cannot affect whether a contract meets consideration requirements.
Q 133
Which of the following is true? A) Past consideration is sufficient legal consideration to enforce an agreement. B) Contracts based on a party's past consideration are unenforceable unless some new consideration is given to support the contract. C) Contracts based on a party's past consideration are known as illusory contracts. D) Contracts based on a party's past consideration are generally enforceable on the grounds of moral obligation. E) Contracts based on a party's past consideration are known as quasi-contracts.
Q 134
What is the "accord" in an accord and satisfaction under contract law? A) any agreement that has been fully performed B) an agreement made in order to settle a dispute of an earlier contract that is not valid because the terms of the earlier contract will control C) an agreement made in order to settle a dispute of an earlier contract that eliminates all legal effect of the earlier contract upon the accord's formation D) an agreement made to correct an illusory promise made in a contract E) an agreement made in order to settle a dispute of an earlier contract that, if not satisfied, allows a lawsuit to enforce either the original contract or the accord
logo
© 2020-2021 Cozyplus FZ LLC. All rights reserved